Bank of Montreal Can Has $16.33 Million Stake in Globus Medical, Inc. (NYSE:GMED)

Bank of Montreal Can grew its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 1,142.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 231,323 shares of the medical device company’s stock after purchasing an additional 212,704 shares during the period. Bank of Montreal Can owned about 0.17% of Globus Medical worth $16,334,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Comerica Bank increased its stake in Globus Medical by 0.5% during the 1st quarter. Comerica Bank now owns 54,814 shares of the medical device company’s stock worth $2,940,000 after acquiring an additional 293 shares during the period. Cetera Advisors LLC acquired a new stake in shares of Globus Medical during the 1st quarter worth $204,000. GAMMA Investing LLC increased its position in shares of Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares during the period. Juncture Wealth Strategies LLC raised its stake in Globus Medical by 54.0% in the second quarter. Juncture Wealth Strategies LLC now owns 10,406 shares of the medical device company’s stock valued at $713,000 after purchasing an additional 3,648 shares in the last quarter. Finally, Diversified Trust Co lifted its position in Globus Medical by 6.8% during the second quarter. Diversified Trust Co now owns 22,816 shares of the medical device company’s stock worth $1,563,000 after purchasing an additional 1,450 shares during the period. 95.16% of the stock is owned by institutional investors.

Globus Medical Price Performance

Globus Medical stock opened at $85.61 on Friday. The business has a 50 day moving average of $76.26 and a 200-day moving average of $71.58. The company has a market capitalization of $11.66 billion, a P/E ratio of 127.78, a P/E/G ratio of 2.03 and a beta of 1.17. Globus Medical, Inc. has a 1 year low of $44.02 and a 1 year high of $86.00.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company’s revenue was up 63.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.57 EPS. Equities analysts anticipate that Globus Medical, Inc. will post 2.98 EPS for the current year.

Insider Activity at Globus Medical

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kelly Huller sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock worth $8,512,850 over the last three months. Company insiders own 18.54% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on GMED. Truist Financial raised their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Morgan Stanley boosted their price objective on shares of Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Canaccord Genuity Group raised their target price on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and an average price target of $88.18.

About Globus Medical

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.